Issue - meetings

Medium Term Financial Plan

Meeting: 27/11/2023 - Corporate Select Committee (Item 30)

30 Medium Term Financial Plan pdf icon PDF 394 KB

Additional documents:

Minutes:

The Committee considered a report which set out the Council’s updated draft Medium Term Financial Plan which presents the Council’s priorities in the context of the likely resources available, providing a financial context to future decision making.  The MTFP is reflective of the current financial position of the Council part way through the 2023-24 year and contains a large number of assumptions that will be refined and quantified to inform a final version of the MTFP for approval in February 2024. Therefore, to this extent, the report and its contents were considered indicative. 

 

Particular reference was made to work required around the emerging inflationary pressures which affect all aspects of the Council’s activity, but notably the housing repairs service.

 

In response to a question around the retrofitting of voids to decarbonise and whether HRA reserves could be used to undertake more of this work, to which members were advised of the significant pressures facing the HRA including meeting the Decent Homes Standard, repairs and inflationary pressures.

 

Discussion ensured around fleet investment and slippage in the capital programme due to supply chain issues leading to increased costs of replacement vehicles, the reporting of housing repairs and a benchmark exercise to be undertaken around fees and charges.

 

RESOVLED:

 

That the updated draft Medium term Financial Plan (Appendix A) be endorsed, and the Executive be recommended to approve the plan prior to it being refined in advance of full approval in February 2024.